Word: closes
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...auditorium were fixed on the three in the front row next to their grandparents Katherine and Joe Jackson. Seven-year-old Prince Michael II, known as Blanket, held a Michael Jackson doll. Eldest son Michael Joseph Jr., 12, held the memorial program and chewed gum vigorously. Paris kept close to her grandmother...
...plan to close off Europe to managers or funds outside the E.U. that aren't subjected to equivalent regulation - a provision that would kick in three years after the rest of the legislation, giving jurisdictions and managers time to adapt - promises the most significant change. The E.U.'s approach is understandable. If you want to protect European investors, it's no good regulating domestic fund managers if those selling to investors from outside the region aren't obliged to respect similar rules. But while U.S. efforts are underway to bolster the policing of hedge funds - and the meaning of equivalent...
California is the poster child for dysfunctional state finance. A week past the legal deadline for passing a budget, the state has yet to close a $26 billion hole. State workers are - yet again - being told to stay home. The National Park Service is threatening to take back parks it gave to California should the state try to save money by closing them. Taxpayers are getting IOUs in the mail instead of refund checks since there's no cash to pay them what they're owed. You can now buy the IOUs on eBay...
...there could be plenty more pain ahead. Revenues - from income, sales and property taxes - continue to fall. True, states have already plowed through a lot of tough decisions to close the $102 billion shortfall they collectively faced during the last budget cycle. But already it looks like this year's gap will be $121 billion, according to a report from the National Conference of State Legislatures...
...criticism was so carefully cast, however, that it is unlikely to disrupt the tone of close cooperation that has defined Obama's first visit to Moscow as President. Even in his speech on July 7, Obama offered his criticisms less as an attack than as a commentary on historical patterns that he argued are pushing toward greater transparency and citizen empowerment. (See pictures of Russia celebrating Victory...